| Page | |||||
|---|---|---|---|---|---|
| Trustees' | annual report |
(incorporating | the director's report) | ||
| Independent auditor's |
report to the members | ||||
| Statement | offmancial | activities (including | income and expenditure | ||
| account) | 10 | ||||
| Statement | offinancial | position | |||
| Statement | ofcash flows | 12 | |||
| Notes to | the financial | statements | 13 |
| YE | AR ENDED | 31DECE | MBER 2022 | MBER 2022 | ||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||||
| Unrestricted | ||||||||
| funds | Total funds | Total funds | ||||||
| Note | K | |||||||
| Income and | endowments | |||||||
| Donations and legacies |
5 | 1,864,117 | 1,864,117 | 1,930,220 | ||||
| Investment | income | 6 | 104,086 | 104,086 | 278,756 | |||
| Total incorn e | 1,968,203 | 1,968,203 | 2,208,976 | |||||
| Expenditure | ||||||||
| Expenditure | on raising funds: | |||||||
| Investment management |
costs | 7 | (72,389) | (72,389) | (56,141) | |||
| Expenditure | on charitable | activities | 8,9 | (399,005) | (399,005) | (435,154) | ||
| Total expenditure | (471,394) | (471,394) | (491,295) | |||||
| Net (losses)/gains on investments |
12 | (1,418,699) | (1,418,699) | 665,059 | ||||
| Net income | and net movement | in funds | 78,110 | 78,110 | 2,382,740 | |||
| Reconciliation offunds |
||||||||
| Total funds | brought forward |
9,732,623 | 9,732,623 | 7,349,883 | ||||
| Total funds | carried forward | 9,810,733 | 9,810,733 | 9,732,623 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Note | |||||||
| Fixed assets | |||||||
| Investments | 15 | 8,452,574 | 8,734,834 | ||||
| Current assets |
|||||||
| Debtors | 16 | 757,250 | 423,311 | ||||
| Cash at bank | and in hand | 602,709 | 581,578 | ||||
| 1,359,959 | 1,004,889 | ||||||
| Creditors: amounts | falling due | ||||||
| within one year |
17 | (1,800) | (7,100) | ||||
| Net current | assets | 1,358,159 | 997,789 | ||||
| Total assets | less current liabilities | 9,810,733 | 9,732,623 | ||||
| Net assets | 9,810,733 | 9,732,623 | |||||
| Funds ofthe | charity | ||||||
| Unrestricted | funds | 9,810,733 | 9,732,623 | ||||
| Total charity | funds | 18 | 9,810,733 | 9,732,623 |
| 2022 | 2021 | ||
|---|---|---|---|
| Cash flows from operating activities |
|||
| Net income | 78,110 | 2,382,740 | |
| Adjustments for: | |||
| Net (losses)/gains on investments |
1,418,699 | (665,059) | |
| Other interest receivable and similar income |
(104,086) | (278,756) | |
| Interest payable and similar charges |
390 | 492 | |
| Changes in: |
|||
| Trade and other debtors | (333,939) | (288,553) | |
| Trade and other creditors | (5,300) | 5,300 | |
| Cash generated from operations |
1,053,874 | 1,156,164 | |
| Interest paid | (390) | (492) | |
| Interest received | 104,086 | 278,756 | |
| Net cash from operating activities |
1,157,570 | 1,434,428 | |
| Cash flows from investing activities |
|||
| Purchases ofother investments | (1,524,93]) | (2,662, 175) | |
| Proceeds from sale ofother investments | 388,492 | 1,228,151 | |
| Net cash used in investing activities |
(1,136,439) | (1,434,024) | |
| Net increase in cash and cash equivalents |
21,131 | 404 | |
| Cash and cash equivalents at beginning |
ofyear | 581,578 | 581,174 |
| Cash and cash equivalents at end ofyear |
602,709 | 581,578 |
| DONATION | S AND LEGACIE |
S | |||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| Donations | |||||
| Donations | 925,000 | 925,000 | 951,]02 | 951,102 | |
| Endowment | —Investments | 939,117 | 939,117 | 979,118 | 979,118 |
| 1,864,] 17 | 1,864,117 | 1,930,220 | 1,930,220 |
| Unrestricted | Total Funds | Unrestricted | Total Funds | |||
|---|---|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |||
| Bank | interest receivable | 437 | 437 | 38 | 38 | |
| Other | investment | income | 103,649 | 103,649 | 278,718 | 278,718 |
| 104,086 | 104,086 | 278,756 | 278,756 |
| 7. | INVESTMENT MANAGEME | NT COSTS |
|||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| Portfolio management | 72,389 | 72,389 | 56,141 | 56,141 | |
| 8. | EXPENDITURE ON CHARITABLE ACTIVITIES BYFUND TYPE |
| EXPENDI | TURE ON CHAR | ITABLE ACTIVITIE | S BYFUND T | YPE | |
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| Charitable | donations | 396,555 | 396,555 | 432,600 | 432,600 |
| Support costs | 2,450 | 2,450 | 2,554 | 2,554 | |
| 399,005 | 399,005 | 435,154 | 435,154 |
| EXPENDI | TURE ON CHARI | TABLE ACTIVITIE | S BYACTIVI | TY TYPE | |
|---|---|---|---|---|---|
| Grant | |||||
| funding of | Total funds | Total fund | |||
| activities | Support costs | 2022 | 2021 | ||
| Charitable | donations | 396,555 | 396,555 | 432,600 | |
| Governance | costs | 2,450 | 2,450 | 2,554 | |
| 396,555 | 2,450 | 399,005 | 435,154 |
| ANALYSIS | OF SUPPO | RT | COS | TS | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Legal and | |||||||||||||
| Bank charges | Accountancy | professional | |||||||||||
| and | fees | fees | fees | Total | 2022 | Total 2021 | |||||||
| Finance costs | 390 | 390 | 492 | ||||||||||
| Governance | costs | 1,800 | 260 | 2,060 | 2,062 | ||||||||
| 390 | 1,800 | 260 | 2,450 | 2,554 | |||||||||
| ANALYSIS | OF GRANTS | ||||||||||||
| 2022 | |||||||||||||
| Grants to institutions | |||||||||||||
| Royal Opera | House Covent | Garden Foundation | 250,000 | ||||||||||
| Royal Ballet | School | 50,000 | |||||||||||
| Royal National | Lifeboat | institution | 50,000 | ||||||||||
| The Pepper Foundation Heiford River Children's |
Sailing Trust | 20,000 11,000 |
|||||||||||
| Other grants | less than 610,000 | 15,555 | |||||||||||
| Total grants | 396,555 | ||||||||||||
| The grants to | institutions | to | support the | charity's | objectives are as follows: | ||||||||
| 2022 | |||||||||||||
| Advancement | ofthe arts, | culture, | heritage | and | science | 300,000 | |||||||
| Advancement | ofeducation, | health | and | saving | lives | 92,555 | |||||||
| Advancement | for the relief | ofpoverty | 4,000 | ||||||||||
| Total Grants | 396,555 |
| NET (LOSSE | S)/GAINS ON | INVESTM | ENTS | |||
|---|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |||
| Funds | 2022 | Funds | 2021 | |||
| Gains/(losses) | on revaluation | of | ||||
| investments | (1,317,106) | (1,317,106) | 635,895 | 635,895 | ||
| Gains/(losses) | on disposal of | |||||
| investments | (101,593) | (101,593) | 29,164 | 29,164 | ||
| (1,418,699) | (1,418,699) | 665,059 | 665,059 | |||
| AUDITORS | REMUNERATION | |||||
| 2022 | 2021 | |||||
| Fees payable | for the audit ofthe financial | statements | 1,800 | 1,800 |
| Listed | ||
|---|---|---|
| investments | ||
| Valuation | ||
| At 1 January 2022 |
8,734,834 | |
| Additions | 1,524,931 | |
| Disposals | (490,085) | |
| Fair value | movements | (1,317,106) |
| At 31 December 2022 | 8,452,574 | |
| Carrying | amount | |
| At 31December 2022 | 8,452,574 | |
| At 3l December 2021 | 8,734,834 |
| 2022 | 2021 | ||
|---|---|---|---|
| Trade | debtors | 757,250 | 423,311 |
| CREDITORS: amou | nts falling due within one ye |
ar | |
|---|---|---|---|
| 2022 | 2021 | ||
| f | |||
| Accruals and deferred | income | 1,800 | 1,800 |
| Other creditors | 5,300 | ||
| 1,800 | 7,100 |
| Unrestri | cted funds |
|||||
|---|---|---|---|---|---|---|
| At | At | |||||
| 1 January | Gains and 31 | December | ||||
| 2022 | Income | Expenditure | losses | 2022 | ||
| General | funds | 9,732,623 | 1,968,203 | (471,394) | (1,418,699) | 9,810,733 |
| At | At | |||||
| 1 Januaty | Gains and 31 | December | ||||
| 2021 | Income | Expenditure | losses | 2021 | ||
| f. | ||||||
| General | funds | 7,349,883 | 2,208,976 | (491,295) | 665 059 | 9732 623 |
| Unrestricted | Total Funds | |||
|---|---|---|---|---|
| Funds | 2022 | |||
| Investments | 8,452,574 | 8,452,574 | ||
| Current assets | 1,359,960 | 1,359,960 | ||
| Creditors | less than | 1 year | (1,800) | (1,800) |
| Net assets | 9,810,734 | 9,810,734 | ||
| Unrestricted | Total Funds | |||
| Funds | 2021 | |||
| Investments | 8,734,834 | 8,734,834 | ||
| Current assets | 1,004,889 | 1,004,889 | ||
| Creditors | less than | 1 year | (7,100) | (7,100) |
| Net assets | 9,732,623 | 9,732,623 |
| 20. | FINANCIAL INST |
RUMENTS | RUMENTS | RUMENTS | RUMENTS | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| The carrying amount |
for each category offinancial | instrument | is as follows: | |||||||||
| 2022 | 2021 | |||||||||||
| f. | ||||||||||||
| Financial assets measured | at | fair value through | income and | expenditure | ||||||||
| Investments | 8,452,574 | 8,734,834 | ||||||||||
| Financial assets that are |
debt | instruments | measured | at amortised | cost | |||||||
| Current assets | 1,359,960 | 1,004,889 | ||||||||||
| Financial liabilities | measured | at amortised | cost | |||||||||
| Current liabilities |
1,800 | 1,800 | ||||||||||
| 21. | ANALYSIS OF CHANGES IN NET DEBT | |||||||||||
| At | At | |||||||||||
| 1 | Jan 2022 | Cash | flows | 31Dec 2022 | ||||||||
| Cash at bank and in hand | 581,578 | 21,131 | 602,709 |